Goldman Sachs, along with Bloomberg Philanthropies, announced the $25 million philanthropic concessional capital from the Climate Innovation and Development Fund (CIDF) to support sustainable low-carbon economic development in South and Southeast Asia. This was part of their effort to attract substantial investments towards clean energy and sustainable development across emerging markets.
The strategic collaboration among various institutions is evident from a recent report. Bloomberg Philanthropies, Goldman Sachs, and the Asian Development Bank released a report summarizing the insights gained from the CIDF. This report showcases how funding to promote development in emerging markets covers strategic partnerships, additional capital, proof-of-concept project selection, visibility, innovative financing, and a regional focus, according to a press release by Goldman Sachs.
The fund's potential for creating significant impact was highlighted by Goldman Sach's top executive. According to a press release by Goldman Sachs, David Solomon, Chairman and CEO of Goldman Sachs said, "With $25 million in seed capital, Goldman Sachs and our partners - Bloomberg Philanthropies and the Asian Development Bank were able to mobilize approximately $500 million to help accelerate the clean-energy transition in emerging markets. This is clear evidence that blended-finance facilities can have a major impact and that the public and private sector must continue working together to support sustainable solutions at scale."
A similar emphasis on collaborative efforts was put forward by an important international finance institution. According to a press release by Goldman Sachs, Masatsugu Asakawa, President of the Asian Development Bank stated that "Asia and Pacific face a massive shortfall in climate investment and an urgent need to mobilize private capital at scale to respond to growing impacts of climate change. Partnerships like the Climate Innovation and Development Fund are key to catalyzing climate action. In a short period, Bloomberg Philanthropies, Goldman Sachs, and the Asian Development Bank have successfully leveraged various financing mechanisms to take climate mitigation and adaptation action in several countries. As Asia and Pacific's climate bank, ADB is proud to support CIDF as it expands its contribution to global climate action."
In addition to this initiative, the work of Bloomberg Philanthropies extends across multiple regions globally. Bloomberg Philanthropies strives to enhance the well-being of millions across over 700 cities and 150 nations, according to the About webpage provided by Bloomberg Philanthropies.